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Police nab another suspect in notorious Forex-3D Ponzi scheme

Jack Burton

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Police in Bangkok have arrested yet another suspect in the infamous Forex-3D Ponzi scheme which duped thousands with false promises of high returns and resulted in losses of tens of billions of baht. Department of Special Investigation officials have now arrested 30 year old Sitthanat Pho-ngern on a warrant issued by the Criminal Court.

He’s charged with luring people to invest in fraudulent deals by unlicensed online Forex brokering. He operated his forex scam from an apartment in Bangkok’s Huay Khwang district. Learn more about how Forex-3D has affected people’s lives HERE.

Sitthanat was immediately given a physical examination as a precaution against Covid-19 transmission. His temperature was a normal 36.4°C and he has no record of chronic disease or history of travelling to high risk areas.

But the DSI deputy director-general says that although restrictions have been imposed under the national state of emergency, the DSI is continuing its investigations into special criminal cases.

About 3,000 people have reported losses to the DSI, which expects to wrap up its investigation by the end of the year. It is estimated the victims invested 1.58 billion baht in total. They believed they were trading in foreign currencies.

The DSI has already seized property and assets valued at hundreds of millions of baht from other suspects in the case.

SOURCES: Chiang Rai Times | Bangkok Post

 

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Jack Burton is an American writer, broadcaster, linguist and journalist who has lived in Asia since 1987. A native of the state of Georgia, he attended the The University of Georgia's Henry Grady School of Journalism, which hands out journalism's prestigious Peabody Awards. His works have appeared in The China Post, The South China Morning Post, The International Herald Tribune and many magazines throughout Asia and the world. He is fluent in Mandarin and has appeared on television and radio for decades in Taiwan, Mainland China, Hong Kong and Macau.

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